Short Interest in Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) Declines By 82.5%

Evans Bancorp, Inc. (NYSEAMERICAN:EVBN) was the recipient of a large drop in short interest in July. As of July 15th, there was short interest totalling 21,700 shares, a drop of 82.5% from the June 30th total of 124,300 shares. Currently, 0.4% of the company’s shares are sold short. Based on an average trading volume of 39,700 shares, the short-interest ratio is currently 0.5 days.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. StockNews.com raised Evans Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday. Piper Sandler decreased their target price on Evans Bancorp from $30.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday, May 1st.

Insider Transactions at Evans Bancorp

In other Evans Bancorp news, major shareholder Pl Capital Advisors, Llc acquired 21,061 shares of the stock in a transaction dated Tuesday, May 28th. The stock was purchased at an average cost of $26.12 per share, with a total value of $550,113.32. Following the transaction, the insider now owns 576,633 shares in the company, valued at approximately $15,061,653.96. The acquisition was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders acquired 38,617 shares of company stock valued at $1,056,501. Corporate insiders own 6.34% of the company’s stock.

Hedge Funds Weigh In On Evans Bancorp

A number of hedge funds have recently added to or reduced their stakes in EVBN. BNP Paribas Financial Markets boosted its stake in Evans Bancorp by 78.1% during the 1st quarter. BNP Paribas Financial Markets now owns 2,624 shares of the bank’s stock valued at $78,000 after purchasing an additional 1,151 shares during the last quarter. Prime Capital Investment Advisors LLC purchased a new position in shares of Evans Bancorp in the 4th quarter worth approximately $203,000. Vanguard Group Inc. boosted its stake in shares of Evans Bancorp by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 281,299 shares of the bank’s stock worth $8,400,000 after buying an additional 1,620 shares during the last quarter. Finally, PL Capital Advisors LLC boosted its stake in shares of Evans Bancorp by 3.0% in the 1st quarter. PL Capital Advisors LLC now owns 538,437 shares of the bank’s stock worth $16,078,000 after buying an additional 15,788 shares during the last quarter. Institutional investors and hedge funds own 67.10% of the company’s stock.

Evans Bancorp Stock Performance

Evans Bancorp stock traded up $0.73 during midday trading on Thursday, reaching $33.68. The stock had a trading volume of 26,400 shares, compared to its average volume of 27,426. The firm has a market capitalization of $185.91 million, a price-to-earnings ratio of 8.79 and a beta of 0.92. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.99 and a quick ratio of 0.99. Evans Bancorp has a 12 month low of $24.07 and a 12 month high of $33.74.

Evans Bancorp (NYSEAMERICAN:EVBN) last released its quarterly earnings results on Tuesday, April 30th. The bank reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.04). The company had revenue of $16.17 million for the quarter, compared to analyst estimates of $16.20 million. Evans Bancorp had a net margin of 16.21% and a return on equity of 12.70%.

About Evans Bancorp

Evans Bancorp, Inc primarily operates as financial holding company for Evans Bank, N.A. that provides a range of banking products and services to consumer and commercial customers in the United States. The company offers deposit products, which include checking and negotiable order of withdrawal accounts, savings accounts, and certificates of deposit.